25 May 2018   1 comment

Spiegel Online has published an interview with Joschka Fischer, the former German Foreign Minister.  The interview is titled “The U.S. President Is Destroying the American World Order” and Fischer does not mince any words.

DER SPIEGEL: German Chancellor Angela Merkel said that we can no longer truly rely on the U.S.

Fischer: It’s even worse than that. The American president is deliberately destroying the American world order. I was used to NATO being attacked by the left wing of the Green Party, but not by the American president! From an economic policy point of view, Trump is challenging Germany’s business model, which has been geared toward exports from the very beginning. Many are saying that we shouldn’t put up with that. I find this reaction understandable, but also kind of cute. What can we do? Given the current balance of power, sometimes all you can do is gnash your teeth.

DER SPIEGEL: You recently wrote a book in German with the dark title “The Descent of the West.” Is the West finished?

Fischer: There is every indication that this will happen. The West was the trans-Atlantic area, and its founding fathers were Britain and the United States. The West cannot survive without them, and certainly not with a weak, divided Europe. This is why Europeans must become stronger, much stronger.

The interview is truly grim and if Germany gives up on the liberal world order, there will not be any real check on the rise of an authoritarian world order.

The New National Football League Rule on the National Anthem: Shades of 1934

Image may contain: text

 

It appears as if financial markets are not encouraged by the Italian coalition government being proposed.  The difference between the yields on Italian bonds and those of German bonds suggests that investors fear that the Italians are likely to mismanage their economy and will hasten a move for Italy to leave the euro.   Reuters explains the danger: “Italy’s 2.3 trillion euro ($2.7 trillion) debt – the world’s third-largest and equivalent to more than 1.3 times the domestic output – makes the country vulnerable.”  If global economic growth slows down, there is a good chance that some Italian banks will collapse and the European Central Bank is prohibited from bailing them out.

Posted May 25, 2018 by vferraro1971 in World Politics

One response to “25 May 2018

Subscribe to comments with RSS.

  1. Really enjoyed your talk today at Loomis Village and was somewhat encouraged by your statement that the US would survive.

    Like

    Beatrice Kaplan

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: